Ethiopia: National Bank issued Financial Consumer Protection (Directive No. FCP/01/2020) including non-discrimination requirements

On 25 August 2020, the National Bank of Ethiopia (NBE) issued the Financial Consumer Protection Directive No. FCP/01/2020 and it enters into force with a grace period. The directive shall be effective and in full force six months from the issue date. The directive mandates that financial services providers must treat all financial consumers equitably, respectfully, honestly, and fairly throughout their relationship. They shall not discriminate against any financial consumer or security provider based on personal characteristics or affiliations unless required or permitted by law. Additionally, providers must give special attention and priority to the particular needs and difficulties faced by vulnerable, socially, and economically marginalized consumer groups, such as inexperienced consumers and the physically disabled.